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Help Me Calc CGT - Selling 2nd House
dadrock
Posts: 113 Forumite
in Cutting tax
I need your great help in assessing my potential CGT on selling a 2nd house.
Details:-
Inherited house 1995 - approx value then £30K.
Lived there until 1998. Bought 2nd house, moved into 2nd house and rented out original house until Mar 2010. Original house has been empty for 2 months.
I now intend to sell original house for approx £120K.
How is the tax bill calulated (dummies guide please!)?
How do I assess its original value, if it affects the tax bill?
Hope someone can take the time to help, I'd really appreciate it.
Details:-
Inherited house 1995 - approx value then £30K.
Lived there until 1998. Bought 2nd house, moved into 2nd house and rented out original house until Mar 2010. Original house has been empty for 2 months.
I now intend to sell original house for approx £120K.
How is the tax bill calulated (dummies guide please!)?
How do I assess its original value, if it affects the tax bill?
Hope someone can take the time to help, I'd really appreciate it.
0
Comments
-
read post #4 on this thread
you will only get one set of personal allowances and letting relief as you are a single owner0
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